Successful entrepreneurs know their numbers. They know their daily and monthly sales, their growth rates, their margins and their targets.
When I started my business, I didn’t much like looking and obsessing over the numbers. Over time, I grew into more of a numbers person, because I realized what a tremendous advantage it gave me.
If you’re not a numbers person, either learn to be one, or find someone in your company who is a numbers person.
In this video, I explain the advantage you get when you know your numbers like the back of your hand.
WHAT HAPPENS WHEN YOU KNOW YOUR NUMBERS
When performance is measured and reported, performance improves dramatically.
Here’s why. If you obsess over the numbers in your business, and you can remember them off the top of your head, they’ll be in the back of your mind throughout the day.
Then, they’ll help you to make the right decisions about what activities to focus on and what actions to take.
If you know that you’re behind your weekly sales target, you won’t be as tempted to spend some time checking Facebook and email. If you know that your business shrank from last month to this month, you’ll know you need to ramp up your ad spend.
Checking and knowing your numbers is a good habit because it steers your attention back to what generates cash.
SECRET TO SUCCESS
In my office, I have a big TV screen. I don’t use it to watch the news. I use it to display all the important numbers in my business – daily sales, sales for this month so far and the percentage change.
The screen is directly in front of my desk and I look at it all day. The numbers get burned onto my consciousness. This keeps me focused throughout the day and my attention on the right activities.
Until you actually do this, it’s difficult to appreciate the power it has. Start writing down your numbers and looking at them every day. Simply through the power this knowledge has over your decision making, your sales will go up.
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